Breytenbachs Cross Border Advisory

Local Estate and Trust Administration

Where clients failed to prepare and sign a separate SA will, we will be able to accept a nomination appointment from the foreign executor. Equally where a SA will exists and the nominated executor is not able to accept the SA appointment, the BCBA team can step in and accept the appointment.

Often our involvement is limited to attending to outstanding tax returns. SARS will no longer allow any property transfers, not even those held in a deceased estate, without  ensuring all outstanding tax issues are properly dealt with. Not only is BCBA able to assist, we are also able to guide the family in this challenging time to ensure the process or cash inherited, may legally leave South Africa.

BCBA has entered into strategy alliances to ensure that SA trusts are effectively managed and controlled from South Africa. Not only do we try to ensure SARS only tax the SA trust income, we also undertake to ensure SARB/Exchange Control Compliance.

For Canadian and American clients, the granny trust or granton trust rules in their new home country may have been of great value in the past, yet for now the mere existences causes tax and FBAR/FATJC right waves. Once again BCBA is your prepared first point
to call.

Taking into account the difference between SA Trust laws and the laws in their new home country, clients often ask, what should we do? Close or retain the SA Trust?

In short, closing the SA Trust is the best route but in doing so take into account the SA tax laws dealing with capital vesting
to non-residents. In most cases the CGT rate is an effective 26.6% –  huge, compared to most other countries, but then less than
the maximum CGT rate in the UK. Once again a challenging topic and not an easy question to answer in a public forum such as a web page.

Each client needs to have his or her personal circumstances considered by an experienced cross border tax and estate advisor. Why not contact BCBA as we are able to provide clients with this specialist service as part of a bespoke client service offering.